Projected 2019 Inflation Adjusted Tax Rates, Brackets, Standard Deductions

OneEyedDiva said:


Looks like this will cost me $70 more in taxes!
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The Forbes article contains projections of year 2019 inflation increases [based on the new Chained CPI index.]
As the article says... The actual IRS inflation figures should be out in October.

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The new Chained CPI inflation index may not increase the IRS figures year to year as much as the previously used inflation index.

This is why seniors should never want their Social Security inflation index changed to "Chained CPI" as some politicians have suggested.

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KingsX said:
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The new Chained CPI inflation index may not increase the IRS figures year to year as much as the previously used inflation index.

This is why seniors should never want their Social Security inflation index changed to "Chained CPI" as some politicians have suggested.

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Exactly KingsX. I read an article a couple of years ago when Chained CPI was under consideration that warned of it being a bad move for seniors. We don't need anything else to be done that will detrimental to our Social Security.
 
I'll wait until tax season next year before I believe that the government might be doing me any "favors". Irregardless, so long as our government continues to spend, without making an attempt to balance the budget, we continue to inch closer every year to a massive collapse of our economy. This latest "ploy" is estimated to add a trillion dollars a year to the nations deficit. At some point, when the government bonds are no longer worth anything, the Only option left will be a drastic de-valuation of the dollar....which will SKREW All of us. I guess those in Washington are incapable of learning anything from past events in nations like Greece and Argentina.
 
Don M. said:
I'll wait until tax season next year before I believe that the government might be doing me any "favors".
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The reason Bloomberg bothered to predict what the IRS will officially announce this month... the new inflation-indexed standard deductions, tax brackets, etc for tax year 2019... is because savvy taxpayers like to plan ahead. They want to know the inflation-adjusted IRS figures, how much tax they might be expected to pay, and possibly adjust their income for 2019 so they can pay as little tax as possible.

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KingsX said:
The reason Bloomberg bothered to predict what the IRS will officially announce this month... the new inflation-indexed standard deductions, tax brackets, etc for tax year 2019... is because savvy taxpayers like to plan ahead. They want to know the inflation-adjusted IRS figures, how much tax they might be expected to pay, and possibly adjust their income for 2019 so they can pay as little tax as possible..
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Yes, I've seen this Bloomberg "estimate"...and several others, on the Internet. If I can believe them, we should see our tax bracket reduced from 25 to 22 percent, which should result in a nice refund this coming year. However, until I do the 2018 taxes with H&R Block, I'm not going to be counting on anything. Should it turn out that we will have a decent reduction in the future, it will only take a couple of phone calls to rebalance the withholdings.

Personally, I would rather pay a reasonable amount of taxes to support this nations vital programs, than to see Washington playing "games" that will ultimately result in serious troubles in the future.
 
Don M. said:
I'll wait until tax season next year before I believe that the government might be doing me any "favors". Irregardless, so long as our government continues to spend, without making an attempt to balance the budget, we continue to inch closer every year to a massive collapse of our economy. This latest "ploy" is estimated to add a trillion dollars a year to the nations deficit. At some point, when the government bonds are no longer worth anything, the Only option left will be a drastic de-valuation of the dollar....which will SKREW All of us. I guess those in Washington are incapable of learning anything from past events in nations like Greece and Argentina.
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Anytime the gov'mint does me any "favors", they seem to also have their hand in my pocket rooting around for something. Luckily, all they'll get is lint, but it's still an invasion.....
 
one of the slight of hands to the tax cuts is that corporations will see less taxes but ironically that translates to better profits and higher stock valuations which mean that mutual funds will be having very high capital gains distributions for non retirement accounts . so now instead of the corporations having a higher tax bill us retirees will have one from the distributions of our funds or more taxes when they are sold .

we just got one last week from fidelity for 30k from 2 funds that had distributions made . that will be taxable income for us

so in a sneaky kind of way taxes reduced on the corporate side but increased on the personal side .. it is like rising rates happen because of rising inflation . so the rising rates increase your taxes and the higher inflation and higher taxes still leave you with a loss as a negative real return . so you end up with really just a higher tax bill more often than not.
 
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October has come and gone... and still no official IRS announcement.
 

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